Exposing My Children to Financial Realities
The second step to training your child for financial responsibility is exposure. We must expose them early on to how money works so they can understand the process.
When children are young it is hard for them to grasp that things are not free because all of their needs are taken care of. It is our job to expose them to the fact that it is an exchange, I want something so I must give something to get it. An example of this for a child may be something like, if you eat your vegetables then you will get dessert.
As parents it is our job not only to expose them to the way money works but spend time communicating about it. Help your child to process it. The complexity of your conversations can grow with your child. The older they get the more in-depth you can go in your teaching. Before your child can practice with money they must have at least a basic knowledge of how the system works. Spend the time not only exposing your child to how money works but also communicating with them about it.
Listen to today’s podcast for more insight on training your child for financial responsibility through exposing them to it!